Genmab H1 operating income jumps on one time gain; revenue drops 23%

Genmab (OMX: GEN) reported a surge in first half operating income year-on-year driven by a one-time gain and lower expenses as revenue dropped 23%.

The Denmark-based biotechnology company posted operating income of 212 million Danish kroner ($31.6 million) compared with 65 million Danish kroner a year ago, primarily on the back of income from reversal of its drug trial for ofatumumab (Arzerra), to treat chronic lymphocytic leukemia, funding liability.

First-half revenue dropped to 281 million kroner versus 363 million kroner a year earlier due to lower milestone revenue under the trial drug candidate, daratumumab collaboration with Janssen.